Technical Analysis & Forecast 17.10.2023

EURUSD, “Euro vs US Dollar”

EURUSD has completed a correction wave to 1.0562. Today the market continues developing a declining wave to 1.0502. Breaking this level downwards, the potential for a wave down to 1.0444 could open. After the price reaches this level, a correction to 1.0502 (with a test from below) looks possible.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has completed a correction wave to 1.2218. A declining movement to 1.2141 is forming. Breaking the level downwards, the price might open the potential for a wave to 1.2066. When this level is reached, a link of correction to 1.2141 (with a test from below) could follow. Next, a decline to 1.1953 is expected.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY continues forming a consolidation range around 149.49 without a strong trend. With an escape from this range downwards, the potential for a correction to 148.98 might open. With an escape upwards, the potential for a rise to 150.75 could follow.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF has completed a wave of correction to 0.8993. Today the market has started developing a rising movement to 0.9044. Breaking the level upwards, the price might open the potential for a wave of growth to 0.9090. This is the first target. Next, a decline to 0.9044 (with a test from above) and a rise to 0.9244 could follow.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has completed a wave of correction to 0.6366. A link of decline to 0.6315 is expected. Breaking this level downwards, the price could open the potential for a wave to 0.6265. Next, a link of correction to 0.6315 is expected (with a test from below). Then a decline to 0.6191 might follow.

BRENT

Brent is forming a consolidation range around 89.10. With an escape downwards, a correction link to 87.77 is not excluded. With an escape upwards, the wave of growth could extend to 92.92. This is a local target.

XAUUSD, “Gold vs US Dollar”

Gold continues forming a consolidation range under 1927.00. With an escape downwards, the wave of decline might develop to 1870.00. Upon reaching this level, a link of growth to 1898.00 and a decline to 1820.30 could follow. This is a local target.

S&P 500

The stock index has completed a wave of correction to 4384.5. A declining wave to 4343.0 might begin. Breaking this level downwards, the potential for a wave of decline to 4232.0 could follow. This is a local target.